Borr Drilling Fourth Quarter 2021 Preliminary Results
Borr Drilling Limited announces preliminary unaudited results for the three and twelve months ended December 31, 2021.
Highlights Fourth Quarter of 2021
· Total operating revenues of $69.1 million, a decrease of $3.9 million (5%) compared to the third quarter of 2021
· Net loss of $46.1 million, an increase of $13.5 million compared to the loss in the third quarter of 2021
· Cash and cash equivalents of $34.9 million and restricted cash of $11.1 million at the end of the fourth quarter of 2021, a decrease of $22.9 million from the end of the third quarter of 2021
· Adjusted EBITDA of $25.0 million, an increase of $5.0 million (25%) compared to the third quarter of 2021
· Agreement with shipyards to defer $1.4 billion of debt and instalments from 2023 to 2025 subject to certain conditions
Subsequent events
· Completed $30 million equity raise in January 2022 at a price of $2.25 per share
· Secured a new contract for “Prospector 5” increasing the contracted and committed fleet to 18 rigs
· Converted the previously announced LOA/LOIs for the rigs “Norve” and “Gerd” into contracts
· Tor Olav Trøim appointed Chairman of the Board, replacing Pål Kibsgaard who remains a Director
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